Guiding Office Tenants in Today’s Challenging Market, With Melissa Copley

Drawing on extensive experience navigating major shifts in the commercial real estate market, Melissa Copley reflects on her practice with McGuireWoods partner and host Phil Coover. Now vice chairman at Newmark in Chicago representing large office space tenants in major metropolitan areas, Melissa highlights the impact of today’s economic and geopolitical conditions.

Tenants considering economic uncertainty and occupancy tend to put off decision-making, which Melissa discourages. “I always like to have my clients start early, especially now. It is a shrinking pool of good alternatives,” she says.

Tune in for other insights, including why AI can’t replace strategic brain power, what happens when premier space goes vacant and what strong tenants are looking for in amenities. Spoiler: It’s beyond a fitness center. 

Constructing Buildings and Relationships, With John Slaten

Slaten Construction is a “service company for building relationships,” explains founder and CEO John Slaten. And because building relationships is a core value, the company enjoys repeat business from customers with projects ranging from a $400 million data center to a $50,000 office remodel. In this conversation with McGuireWoods partner and host Phil Coover, John describes his journey, from launching the firm by himself in 2017 to growing it over the years.

Tune in for his insights about weathering construction trends, hiring people who fit the company culture and doing “whatever it takes” to ensure the firm succeeds — for his customers and his staff.

From Single-Family Homes to 200-Unit High-Rise, With Tony Andrews and Dimitri Nassis

Chicago real estate firm Tandem built an impressive portfolio scaling from single-family homes to a 200-unit high-rise in the competitive market. Co-founders Tony Andrews and Dimitri Nassis share their remarkable journey — which recently got noticed by Crain’s Chicago Business —with McGuireWoods partner and host Phil Coover.

After reconnecting at an airport, the childhood friends partnered on their first profitable single-family project. “The accounting was very simple for me,” Tony recalls. “It’s pluses and minuses and a little bit of division.” The duo expanded into multifamily developments, weathering the recession of ’08 and the COVID-19 shutdown.

Tune in for their insights about vertical integration in development, the hidden profit strategies some general contractors use and prioritizing transparency over traditional bidding battles.

Private Equity’s Secret Weapon: Real Estate Arbitrage, With Jordan Shtulman and Jonathan Wolfe

What if you could turn your real estate into a money-making machine while keeping your business running exactly where it is? Jordan Shtulman and Jonathan Wolfe of Stream Capital Partners mastered the art of sale leaseback arbitrage, helping private equity firms unlock millions from non-earning real estate assets.

With host Phil Coover, they explain how private equity firms buying businesses at four to eight times EBITDA can sell the underlying real estate at 12 to 18 times rent multiples. Tune in for their insights about structuring complex sale leaseback deals, the personality traits needed for success in commission-only brokerage, and why being an adviser trumps being a broker.

Alternative Investment Strategies: Accessing Institutional-Grade Opportunities, With Chris Burns

“I’m an adviser for alternative investments,” explains Chris Burns about how he connects individual investors with institutional-grade opportunities. The founder of Quema Capital and a broker-dealer with Great Point Capital in Chicago, Chris specializes in helping investors access real estate syndications, development deals, acquisition funds and private REITs.

Tune in to this conversation with McGuireWoods partner and host Phil Coover about tax-advantaged investment strategies, including the powerful Roth IRA conversion technique that can reduce tax liability during real estate development’s natural J-curve and why Chicago’s limited supply market presents compelling opportunities for developers and distressed asset buyers.

Chicago's Premier Neighborhoods: The 100-Unit Sweet Spot, with Matt Katsaros

“Underwriting in Chicago is, I think, a bit easier than a lot of other markets,” says Matt Katsaros, founder of Wildwood Investments, adding, “Especially when you're local and you know the players, you can quantify risk a little bit easier.” Matt knows the players. Wildwood Investments has carved a niche in Chicago's premier neighborhoods by developing mid-sized multifamily properties of 30 to 100 units. Tune in to this conversation with host Phil Coover about the advantages of having both construction and finance expertise in-house and the unique challenges and opportunities in Chicago's limited-supply market.

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This podcast was recorded and is being made available by McGuireWoods for informational purposes only. By accessing this podcast, you acknowledge that McGuireWoods makes no warranty, guarantee, or representation as to the accuracy or sufficiency of the information featured in the podcast. The views, information, or opinions expressed during this podcast series are solely those of the individuals involved and do not necessarily reflect those of McGuireWoods. This podcast should not be used as a substitute for competent legal advice from a licensed professional attorney in your state and should not be construed as an offer to make or consider any investment or course of action.

Reaching New Heights in Multi-Family Real Estate with Joe Smazal

In this episode of the Real Estate for Breakfast podcast, Ice Miller Real Estate Practice Group partner and host Phil Coover, sits down for a conversation with Joe Smazal, Senior Managing Partner at Interra Realty. Joe brings more than a decade of experience specializing in the sale of mid-market apartment buildings in Chicago. With nearly $1 billion in total property transactions under his belt, Joe discusses his journey in real estate, the nuances of Chicago’s vibrant housing market, and the lessons he’s learned along the way.

The conversation kicks off with Joe reflecting on his career highlights, including his anticipation of hitting the billion-dollar mark in properties sold. He shares insights into the dynamic Chicago real estate scene, focusing on neighborhoods like Lincoln Park, Lakeview, and Ravenswood, which continue to thrive thanks to great fundamentals and places to live. Joe talks about the importance of keeping up in a challenging market, offering insight into deal and pipeline management and maintaining resilience through uncertain times.

Phil and Joe discuss Chicago’s recent Northwest Side Housing Preservation Ordinance, unpacking its potential impact on property values and the city’s housing market. Joe provides a straightforward assessment of the law, voicing concerns about unintended consequences while highlighting the need for balance in legislative approaches. Despite the challenges, Joe remains an unwavering advocate for Chicago, citing the city’s thriving cultural scene, robust economy, and strong community appeal as reasons for why it remains an excellent place to invest and live in. The pair also engage in a dialogue on navigating the complexities of real estate in an evolving Chicago market, and why Joe believes staying consistent and focused on the long-term is key to success in the industry.

Since joining Interra in 2014, Joe has personally sold over 240 properties, comprised of over 5,300 units, for a total consideration of over $940,000,000. He has helped the firm grow and and gained the respect of his clients through his honest and direct approach and dedication to his clients’ interests. Joe has been recognized by his peers in recent years as Broker of the Year – Investment Sales by the Illinois Real Estate Journals; and was a Private Capital Markets Investment Broker of the Year Finalist in the Greater Chicago Food Depository CRE Awards.

Interra Realty is a boutique commercial real estate brokerage firm focused on selling private capital, mid-sized apartment buildings. Founded in 2010, the firm has closed numerous transactions valued in excess of several billion dollars, with clients ranging from high-net-worth individuals and private investors to private equity groups, hedge funds, and private investors.

Chicago Industrial Real Estate with David Haigh of NAI Hiffman

We’re back with another episode of the Real Estate for Breakfast podcast. Ice Miller partner and host, Phil Coover sits down with David Haigh, Executive Vice President and Principal with NAI Hiffman, a full-service, privately owned commercial real estate brokerage and management company.

Phil and Dave dive right into it--with Dave discussing Hiffman National, his everyday job as a broker and how his time is primarily spent with property owners or industrial landlords or tenants in the marketplace trying to buy, sell or lease a building to suit their business needs. He then tells listeners how he began in industrial real estate in 2005, how the tide turned during the economic downturn of 2008-09, and the market corrections that led to bigger opportunities. He then touches on the market before, during and post-COVID which leads into a discussion on the industrial real estate conundrum of supply chain issues that created a demand for more buildings, and then landing on how inflation and interest rates have distressed cash flow and driven construction deliveries down.

The duo also talks about how industrial has become the darling of the investor world, and the regression of landlord-tenant relationships—with fewer private landlords, and how tenants are feeling the trickle-down effect of the high rents market. David explains how Hiffman is crafting ways to cut some of the costs from these deals on the tenant representative side and conversely, how landlords are holding steady since vacancies in the city are low, giving them the advantage. David delves into how tenants are realizing ways to responsibly apply their funds and efficiently utilize their space.

They also touch on transportation and how this major industry is in influx, and hypothesize the blueprint of one of the world’s major e-commerce companies and how they make choices on leasing space. Dave also explains what’s happening with infill development and the economic programs that are available in Cook County to spur economic growth, as well as the difficulties that are created by the county’s tax structure and what the future may hold for commercial and industrial property owners trying to make the best decisions for their companies.

David Haigh is a vice president and industrial real estate broker whose primary focus includes landlord and tenant representation in suburban Chicago. A veteran of Operation Iraqi Freedom, 2003-2004, Dave credits his attention to detail and work ethic to his time spent in the military. His range of services he provides include acquisitions, dispositions, leasing and site search analysis. Dave and his family enjoy traveling, and he volunteers as a Big Brother within the Big Brothers Big Sisters Association of Chicago.

Headquartered in Oakbrook Terrace, Illinois, Hiffman is a full-service, privately owned commercial real estate brokerage and management company. Hiffman National is the company’s management platform serving markets across the nation. NAI Hiffman is the Chicago-based brokerage operation and representative for NAI Global, the world’s largest managed network of real estate service providers across the world.

Chicago Office Challenges and Opportunities with Matt Pistorio

In this episode of the Real Estate for Breakfast podcast, Ice Miller Real Estate Practice Group partner and host Phil Coover sits down with Matt Pistorio, principal at R2 Companies, a privately-held, fully integrated real estate investment and development firm, and founder of Madison Rose, a real estate firm specializing in agency leasing.

During the conversation, Matt talks about his passion for what he does and details how he began his professional journey with commercial brokerage houses. He recounts his road to becoming a principal at R2, and the opportunities and support of colleagues that allowed him to simultaneously have two significant roles at major real estate companies, including founding and driving Madison Rose forward. He details his involvement with the two companies, which at time cross paths on projects but remain separate. Matt discusses his mentors and the impact they had in the way he guides and manages his employees, and his belief that positive energy and attitude translates into building a positive workforce and overall success.

Phil and Matt also talk about the office market and the current vacancy rate in Chicago, and how cities across the nation are feeling the pressure. Specifically, the massive dent in the market due to less demand with more people working from home. Matt and Phil also discuss distressed office space and explain the methodology of what should and needs to occur to get a business to a place that feels good where it can operate effectively.

They also dive into the diamond that is 150 North Michigan, and the outlook of how it will play out in the market as a prime location, with new amenities and building upgrades. They touch on what Chicago looks like post-pandemic, if people are coming back downtown, the downside of financing and underwriting transactions, and everyone’s favorite – taxes. The pair also talk about the strategy in bringing back the Chicago Board of Trade building from foreclosure to a white-hot, second-generation property for office use, and how vintage spaces are being rebranded and brought back to life while maintaining their history and importance to the city.

Matt has nearly two decades of experience repositioning and leasing of commercial real estate assets. His projects include the Chicago Main Post Office, Aon Center, Citadel Center, Willis Tower and Prudential Plaza. Matt is a two-time recipient of the Greater Chicago Food Depository’s ‘Broker of the Year’ Award.

R2 Companies owns, operates and manages superior investment opportunities. With offices in Chicago, Milwaukee and Minneapolis, they are fully-integrated – managing all aspects of the real estate investment process.

Madison Rose, founded in 2019, brings buildings back to life. Named after Pistorio’s two daughters, the firm brings a new age model to leasing by curating the stories of properties and tailoring their approach to showcase each building’s unique strengths and value.

Green is Green —The Economic Case for Clean Energy in Real Estate Projects with Chris Gersch

In this episode of the Real Estate for Breakfast podcast, host Phil Coover interviews Chris Gersch, the founder and CEO of Verde Solutions (Verde). Verde is a full-service consulting firm utilizing a sensible approach to renewable energy, primarily focusing on building, financing, and engineering solar systems, also advising on battery storage and EV where appropriate but concentrating on solar energy efforts with over 1,400 projects in 48 states.

During their conversation, the pair discuss Verde’s founding in 2012, and the renewable energy projects that affect individual and commercial real estate. They talk about the financing, government incentives, and cost saving for projects using solar energy, as well as the effort to educate commercial developers on the benefits of solar energy for the environment and project costs. Getting more granular, the duo also talk about the energy incentives from the federal government extending to 2031, the potential challenges encountered during projects, and Chris’ hopes for nurturing partnerships and plans for company growth.

Chris Gersch knows the in-and-outs of the clean energy industry. For more than 20 years he has cultivated his portfolio through his knowledge of finance and his passion for sustainability. Chris serves as an adjunct professor at the University of Chicago, designing and teaching quantitative trading strategies and algorithmic system modeling, and often appears as an expert guest speaker for CNBC, Bloomberg, CNN, and Fox Business News. Active in his community, Chris sits on many executive and advisory boards for professional and nonprofit organizations and is a distinguished member of the National Small Business Association (NSBA) Leadership Council.

Verde Solutions serves clients ranging from large companies to small municipalities by providing a variety of services. The company is focused on providing next-gen solutions for some of the most complex problems in the energy industry across the country.